CNOOC Ltd, China's top offshore oil and gas producer, has halted a planned sale of its UK North Sea portfolio, which could have been valued at as much as $3 billion, Bloomberg News reported on Monday.
Although initial offers failed to meet CNOOC's expectations for the business, it could still resume a sale once conditions improve, the report said, citing people familiar with the matter.
CNOOC did not immediately respond to Reuters request for comment.
Reuters has reported that CNOOC was preparing to exit its operations in Britain, Canada and the United States because of concerns in Beijing the assets could become subject to Western sanctions.
Read the latest issue of the OGV Energy magazine HERE
Nigeria begins production from Awoba, Madu oil and gas fields to boost domestic supply
Ithaca Energy acquires Eni’s UK business in £750m deal
Iraq awards Akkas gas field development contract to Ukrainian firm
Seal of approval for UK oil & gas firm to expand its stake in Angolan offshore blocks